Can I use my iPhone 5 if I'm moving overseas?

So I recently got my new iPhone 5. However, I also got the news two days ago that I'll be moving next summer to Europe. I'll be there for a maximum of 4-5 years. So I will have to use a smartphone over there and have a new plan arranged. The only problem is, I do not know whether the new iPhone can be used overseas. Is there any way to sort this out… I do not want to buy a new phone again.

Added (1). I'm also on Verizon, I heard that it is supposed to be unlocked their version of iPhone 5. I'm not sure if it is true though.

Get a new phone, you're already getting a new life
Switch things up a little for your new location get a Droid or a Nexus

My friend brought an iPhone 4s from USA to Europe and it worked perfectly! And, iPhone 5 being an Apple product with high specs and even more advanced than iPhone4, I'm convinced without doubt it will work overseas.